Canaccord Genuity Group Lowers Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $36.00

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price dropped by equities research analysts at Canaccord Genuity Group from $39.00 to $36.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price target suggests a potential upside of 300.44% from the stock's previous close.

RCKT has been the topic of several other reports. Cantor Fitzgerald restated an "overweight" rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price objective for the company. Wedbush began coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an "outperform" rating and a $32.00 price objective for the company. Chardan Capital cut their target price on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Finally, Needham & Company LLC dropped their price target on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Rocket Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $42.30.

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Rocket Pharmaceuticals Trading Down 2.4 %

NASDAQ:RCKT traded down $0.22 on Monday, hitting $8.99. 1,557,491 shares of the stock were exchanged, compared to its average volume of 1,451,782. The stock has a fifty day moving average of $10.73 and a 200-day moving average of $14.48. The stock has a market cap of $819.50 million, a PE ratio of -3.27 and a beta of 0.98. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a fifty-two week low of $8.25 and a fifty-two week high of $28.73.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. As a group, equities analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Vanguard Group Inc. boosted its stake in Rocket Pharmaceuticals by 18.8% during the fourth quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company's stock valued at $82,680,000 after buying an additional 1,040,655 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Rocket Pharmaceuticals by 3.8% during the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company's stock worth $83,001,000 after acquiring an additional 165,911 shares during the period. Maverick Capital Ltd. grew its holdings in Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company's stock worth $76,072,000 after acquiring an additional 190,360 shares during the period. Finally, Janus Henderson Group PLC raised its position in Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock worth $50,343,000 after acquiring an additional 2,106,699 shares in the last quarter. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.